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LONDON (Reuters) - The Financial Services Authority will announce a review of the multibillion-pound pensions annuity market due to concerns that some individuals are losing out on thousands of pounds of income a year upon retirement, the Independent reported on Thursday.

The regulator will consider whether insurers are doing enough to encourage pension savers to shop around and move their savings in order to get the best annuity when a pension fund is converted into income for life, the paper said.

The review will take up to 12 months and will look into whether annuities are fairly priced and marketed, reported the newspaper.